Renaissance Technologies LLC Sells 13,158 Shares of Preformed Line Products Company $PLPC

Renaissance Technologies LLC lowered its holdings in shares of Preformed Line Products Company (NASDAQ:PLPC) by 30.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,658 shares of the technology company’s stock after selling 13,158 shares during the quarter. Renaissance Technologies LLC owned approximately 0.61% of Preformed Line Products worth $8,030,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. HighTower Advisors LLC grew its holdings in Preformed Line Products by 11.6% during the 4th quarter. HighTower Advisors LLC now owns 966,185 shares of the technology company’s stock valued at $199,720,000 after buying an additional 100,113 shares in the last quarter. UBS Group AG raised its position in shares of Preformed Line Products by 199.2% during the fourth quarter. UBS Group AG now owns 22,629 shares of the technology company’s stock valued at $4,678,000 after buying an additional 15,067 shares during the last quarter. Round Rock Advisors LLC lifted its holdings in shares of Preformed Line Products by 66.0% in the fourth quarter. Round Rock Advisors LLC now owns 7,805 shares of the technology company’s stock worth $1,613,000 after buying an additional 3,102 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of Preformed Line Products by 28.9% in the first quarter. First Trust Advisors LP now owns 21,144 shares of the technology company’s stock worth $5,725,000 after buying an additional 4,745 shares in the last quarter. Finally, Riverwater Partners LLC boosted its position in shares of Preformed Line Products by 73.0% during the fourth quarter. Riverwater Partners LLC now owns 5,544 shares of the technology company’s stock worth $1,146,000 after acquiring an additional 2,340 shares during the last quarter. Institutional investors own 41.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Freedom Capital cut shares of Preformed Line Products from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 1st. Wall Street Zen upgraded Preformed Line Products from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Preformed Line Products in a report on Friday, July 24th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $275.00.

Preformed Line Products Price Performance

PLPC stock opened at $358.15 on Tuesday. The stock has a market cap of $1.75 billion, a PE ratio of 40.33 and a beta of 0.91. Preformed Line Products Company has a 12 month low of $148.04 and a 12 month high of $414.35. The company has a 50-day moving average price of $360.69 and a 200 day moving average price of $313.56. The company has a current ratio of 3.01, a quick ratio of 1.78 and a debt-to-equity ratio of 0.07.

Preformed Line Products (NASDAQ:PLPC) last posted its quarterly earnings data on Wednesday, July 29th. The technology company reported $4.49 earnings per share for the quarter, topping analysts’ consensus estimates of $2.41 by $2.08. Preformed Line Products had a net margin of 5.82% and a return on equity of 10.77%. The company had revenue of $212.68 million for the quarter, compared to analyst estimates of $193.00 million.

Preformed Line Products Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 20th. Investors of record on Wednesday, July 1st were issued a dividend of $0.21 per share. The ex-dividend date was Wednesday, July 1st. This represents a $0.84 dividend on an annualized basis and a yield of 0.2%. Preformed Line Products’s payout ratio is presently 9.46%.

Preformed Line Products Company Profile

Preformed Line Products Company (NASDAQ: PLPC) is a global manufacturer of engineered solutions for electric, telecommunications and industrial infrastructure networks. The company designs, engineers and produces a broad portfolio of products, including preformed wire and cable fittings, anchors, suspension and tension clamps, splice closures and optical fiber hardware. These durable components support the installation, repair and maintenance of overhead and underground systems, helping utilities and contractors manage reliability and safety in demanding environments.

Founded in 1947 and headquartered in Mayfield Village, Ohio, Preformed Line Products operates manufacturing facilities and distribution centers across North America, Europe and the Asia Pacific region.